8-Hour Analysis:
Big Picture: Ethereum may be entering yet another range-bound phase. Although Ethereum has climbed higher, it has yet to transform its momentum into a hyper-bullishness. Although Ethereum is still holding onto its key breakthrough levels on the higher time frame, if price can hold these levels, the pair could begin a more resilient quicker trending move.
On the Upside the price has been effectively restrained down by the levels of 2270 to 2280. These resistances remain solid and will take significant bullish momentum to breach. Ethereum’s upside is expected to expand towards 2320, followed by 2380 and 2425 if price can manage acceptance above 2280 level.
On the Downside price is currently trying to break the 2250 support level. If sellers succeed in breaking through 2250, the drop can extend into 2220, followed by to 2205 to 2195 levels, where another decent reaction is likely. Ethereum has multiple daily time-frame supports till 2130 level, and dynamic levels are also rapidly reaching between these levels.
